Iron ore pretends everything is ok

David Llewellyn-Smith

Monday 24 February 2025

The ferrous complex is still in the throws of LNY distortions and Q1 supply disruptions, supporting prices.

But underlying conditions remain weak.

Demand is down again this year when adjusted for LNY.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.